News

GOLD deliveries to Fidelity Printers and Refiners (FPP) were down nearly 16% during the first four months of the year to 8,57 tonnes compared to the prior period owing to rains. During the comparable four-month period last year, gold deliveries totalled 10,17 tonnes, according to latest statistics from FPP. At yesterday’s gold prices ranging from […]

The International Monetary Fund (IMF) advised Zimbabwe not to adopt a gold-backed digital currency to address macroeconomic issues such as volatility in the local currency. Instead, they recommended that Zimbabwe liberalize its foreign exchange market. However, the country’s central bank began selling digital tokens on Monday to reduce demand for US dollars, currently the preferred […]

Gift Mugano, a professor of economics, has urged the Government to improve on governance and accountability of Zimbabwe’s natural resources following Invictus Limited Energy’s confirmation of the presence of “light oil, gas-condensate and helium” in its Cabora Bassa Basin (Muzarabani). The Australia-listed firm announced its find on Monday, 08 May 2023. Invictus Managing Director Scott […]

CALEDONIA Mining Corporation Plc. says the Reserve Bank of Zimbabwe (RBZ) is timeously remitting all due payments for gold sales amid revelations that the miner has commenced direct gold exports to a foreign base refiner. Since listing on the Victoria Falls Stock Exchange and following completion of the Bilboes acquisition, Caledonia has been looking into […]

Australia-listed Invictus Energy Limited on Monday, 08 May confirmed the presence of light oil, gas condensate and helium at its Cabora Bassa project in Muzarabani, Zimbabwe. Invictus Managing Director Scott Macmillan said that mud gas analysis from the Mukuyu-1 well drilled last year had proved the presence of hydrocarbons in multiple reservoir pay zones. He […]

MINING concern Caledonia Mining Corporation non-executive chairperson and director Leigh Wilson has retired from the board, with his successor expected to be named today. In his resignation statement last Friday, Wilson said it was a privilege to have served Caledonia and its shareholders as director and non-executive chairpeson over the past decade. The miner operates […]

COAL miner Hwange Colliery Company (HCCL) lost $8,6 billion for the year ended December 31, 2022 due to exchange rate volatilities which affected the business’ historical obligations. According to the corporation, which is still under administration, legacy debts were responsible for $30,70 billion in unrealised losses in inflation-adjusted dollars as of the end of the […]

AUSTRALIAN firm, Invictus Energy has confirmed the presence of “light oil, gas-condensate and helium” from its drilling samples at its Mukuyu-1 rig site in Muzarabani. Analysts, however, were quick to demand accountability and openness from government for Zimbabwe to benefit from one of its many natural resources. The results, according to Invictus managing director Scott […]

RIOZIM Limited’s gold production dropped 17% to 929 kilogrammes in the financial year 2022 compared to the previous year due to the Dalny Mine being put on care and maintenance. In a statement accompanying the group’s financial results for the year ended December 31, 2022, RioZim chairperson Saleem Beebeejaun said the group’s focus on optimising […]

LISTED mining group RioZim has commended authorities for the upward review of US$ retention thresholds for the mining sector amid calls for improved power supplies to enable industry to maximise production potential. In a Monetary Policy Statement (MPS) presented by the Reserve Bank of Zimbabwe (RBZ) early this year, the mining sector was allowed to […]